定向增发折价与发行后的股价表现研究  

Research on the Private Equity Offering Discount and Stock Performance after Announcement

作　　者：郑琦[1] 

机构地区：[1]上海财经大学会计学院

出　　处：《统计教育》2009年第10期19-24,共6页Statistical education

摘　　要：本文以2006年7月至2008年11月完成定向增发的200家公司为样本,研究了定向增发折价与发行宣告后股价表现的关系。发现投资者对定向增发宣告存在正向且过度的反应,但过度反应主要集中在高折价公司。发行后短期内高折价公司累计超常收益率显著小于低折价公司。在控制其他因素后发现折价程度越小的公司股票的长期购买及持有收益率更好。折价影响了不同投资者之间利益分配、并在一定程度上反映了公司股权的内在价值,投资者能对此进行正确解读。This article tests the relationship between offering price discount in the private equity offering and the post announcement stock performance, using data from 200 listed companies issuing new shares through private equity offering between July 2006 to November 2008. The result shows that the market overreacts to the offering announcement and the overreaction is more pronounced and persistent in the companies with larger offering price discount so the post announcement cumulative abnormal returns is significant lower for these companies. After controlling other factors influencing long-run stock returns, it finds that the discount has negative effect on the purchasing-and-holding return. The price discount influences the distribution of different shareholders＂ interests and reflects the information about the intrinsic valuation of the stock which can be correctly read by the investors.

关 键 词：定向增发 发行折价 累计超常收益率 购买及持有收益率 

分 类 号：F832.5[经济管理—金融学] G215[文化科学—新闻学]